New York Firm Buys 6 Metro Phoenix Apartment Complexes
A New York based investment firm recently bought half a dozen apartment complexes across the Phoenix Valley.
Blackstone Group calls itself the largest real estate private equity firm in the world. Its portfolio now includes six apartment complexes located in Surprise, Glendale, Peoria, Phoenix, Tempe and Chandler.
Blackstone paid $311 million for the properties that were built between 1997 and 2009. JLL handled the sale on behalf of the sellers.
The properties include:
- The 382-unit Residences at Stadium Village in Surprise.
- The 236-unit Sierra Canyon in Glendale.
- The 200-unit Waterford in Peoria.
- The 322-unit Sierra Foothills in Phoenix.
- The 356-unit Finisterra in Tempe.
- The 255-unit Lumiere in Chandler.
“This portfolio provides new ownership with scale all within premium submarkets allowing for repositioning of each asset,” John Cunningham, managing director with JLL’s Capital Markets, said in a prepared statement.
Earlier this year, The Arizona Republic reported Blackstone bought nine mobile home parks, mostly in Mesa and Apache Junction, and the Arizona Biltmore resort near 24th Street and Missouri Avenue in Phoenix.